Sound Point Capital Provides Financing to Support the Acquisition of Lindsay Precast
Funding by Sound Point Capital supports MiddleGround Capital’s acquisition of Lindsay Precast
NEW YORK–(BUSINESS WIRE)–#AcquisitionFinance–Sound Point Capital Management (“Sound Point”) is pleased to announce that it acted as Administrative Agent on a first lien senior secured credit facility to Lindsay Precast (“Lindsay” or the “Company”), a premier North American concrete manufacturer specializing in precast concrete products. Funding provided by Sound Point was used to support MiddleGround Capital’s (“MiddleGround”) acquisition of the Company.
Headquartered in Ohio and operating for 50+ years, Lindsay Precast is a designer and manufacturer of engineered precast concrete structures for water/wastewater, utility, solar, transportation, and government end markets. Lindsay produces sanitary and storm sewer products, electrical and telecom utility products, solar inverter skids and ballast bases, box culverts and bridge products, and various other products. The Company’s products are sold into a diverse customer base that includes state and municipal government entities, utility companies, renewable energy companies, and the federal government.
Lauren Mulholland, MiddleGround Capital’s Founding Partner commented: “Throughout the process, Sound Point differentiated itself with its thoughtful diligence and certainty of execution. Their ability to quickly understand the dynamics of the market, Lindsay’s operating model, and align on our vision for the future was a real differentiator. We value the relationship and look forward to continuing to grow our partnership with Sound Point.”
“Lindsay Precast has designed and manufactured high quality products since the 1960’s, and its solution offering for utility, infrastructure and renewable energy customers is critical in improving our nation’s infrastructure,” added Andrew Eversfield, Managing Director of Sound Point Capital’s Direct Lending business. “We’ve known the MiddleGround team since inception and to be able to partner with them on the first platform investment in their $800M Fund II is extra special. We look forward to supporting MiddleGround and Lindsay Precast through the Company’s next stage of growth.”
About Sound Point Capital Management, LP
Sound Point is an alternative asset management firm founded in 2008 with particular expertise in credit strategies. Based in New York, with offices in London, the firm manages money on behalf of institutional investors including top-tier pensions, foundations, insurance companies, wealth management firms and family offices. Sound Point’s strategies span the spectrum of liquid and illiquid credit alternatives and include funds and managed accounts focused on leveraged loans, special situations, distressed debt, structured credit, direct lending and commercial real estate. Sound Point currently manages approximately $27.5 billion of assets. Five principals of Stone Point Capital LLC, as well as Dyal Capital Partners, a division of Blue Owl Capital Inc. [NYSE: OWL], are strategic investors in our business. For more information, please visit Sound Point’s website at www.soundpointcap.com.
About Lindsay Precast
Lindsay Precast is a premier concrete manufacturer and steel structure fabricator specializing in precast concrete products for state and municipal government entities, banks, utility companies, renewable energy companies and the US military. The company is headquartered in Canal Fulton, OH and has 350 employees across 8 facilities located in OH, CO, FL, NC, and SC. For more information, please visit: https://lindsayprecast.com/.
About MiddleGround Capital
MiddleGround Capital is a private equity firm based in Lexington, KY with over $2.0 billion in AUM. MiddleGround makes control equity investments in lower middle market B2B industrial and specialty distribution businesses. MiddleGround works with its portfolio companies to create value through a hands-on operational approach and partners with its management teams to support long-term growth strategies. For more information, please visit: www.middlegroundcapital.com.
Gregory J. Cresci
Sound Point Capital Management, LP